Pune, India, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The Machine Vision Market size is projected to grow from USD 8.39 billion in 2021 to USD 14.18 billion in 2028 at a CAGR of 7.8% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Machine Vision Market Share, 2021-2028.” As per report, the global market size was USD 7.85 billion in 2020. Factors such as growing inclination towards climate control technology & lesser amount of water & energy being implemented towards irrigation will further push the market volume at a higher growth rate.
Industry Development
May 2021: National Instruments procured MonoDrive, who is an ultra-high fidelity simulation software for advanced driver-assistance systems (ADAS) frontrunner and independent vehicle researcher.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.8% |
| 2028 Value Projection | USD 14.18 Billion |
| Base Year | 2020 |
| Machine Vision Market Size in 2020 | USD 7.85 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | Type, System, Industry, |
| Machine Vision Market Growth Drivers | Increasing Demand in Vision Enabled Robotics Systems to Boost Market Demand |
| Daily Required Maintenance and Lack of Skilled Professionals to Hamper Growth |
COVID-19 Pandemic: Slowdown of Manufacturing Activity to Hamper Market Growth
The unanticipated spread of the COVID-19 pandemic led to imposing of shutdown in several accomplishments, involving disturbance in manufacturing and sales action. The global outbreak of coronavirus has substantially influenced manufacturing industries and numerous other markets. The global apprehensions and guidelines imposition has forced businesses to think hostilely in order to thrust sales and revenue.
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Drivers and Restraints
Rising Demand in Vision Empowered Robotics Systems to Enhance Market Growth
Machine Vision market growth is driven by ongoing advances in terms of automation & robotics systems. Robotics and smart manufacturing is transforming machine vision technology into an essential tool for industrial automation.
Similarly, there has been prime growth in the usage of industrial robots in the automotive and consumer electronic sectors. This has resulted in the upsurge in the necessity for integrated MV systems with vision-guided robot regulators.
Segmentation
On the basis of type, the market is branched into 1-D vision system, 2-D vision system, and 3-D vision system.
In terms of system analysis, this market is categorized into PC based, smart camera, and others (Compact, etc.).
PC based MV systems were the most prominent product segment in the market in 2017. The segment is anticipated to maintain its position in the global market throughout the forecast period.
The industry is divided as semiconductor, healthcare, automotive, manufacturing, and others (retail, banking, etc.).
In terms of region, the global market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides an in-depth analysis of the market and a comprehensive evaluation of the major segments of the market. It delivers insights into major players in the market and strategies adopted by them to generate revenue. The report offers comprehensive insights into the regional dynamics and how they propel the market into an upward growth trajectory. Moreover, COVID-19 impact has been added for additional information and how it is expected to affect the demand for machine vision in the near future.
Regional Insights
North America to Dominate Led by Established Semiconductor Sector
North America held the maximum machine vision market share and is measured to be among the surging revenue generator in the worldwide market. This is due to the leading existence of the semiconductor industry in the region, which is a fundamental segment for MV systems.
Asia Pacific is predicted to demonstrate high growth in the upcoming years. Nations such as China, Japan, India, South Korea, and other countries conduct a primary role in the market prospect during the forecast period.
Europe is also anticipated to display a considerable growth rate during the forecast period. MV systems are depending on the noteworthy movement of development in technology and automation.
Competitive Landscape
Key players are concentrating on partnerships and mergers to preserve their grip in the market. Additionally, they are also focusing on dropping waste generated during the production procedure. This comprises reprocessing waste products and minimal utilization of raw materials.
List of Key Players Mentioned in the Report:
- Cognex Corporation (U.S.)
- Basler AG (Germany)
- Omron Corporation (Japan)
- Keyence (Japan)
- National Instruments (U.S.)
- Sony Corporation (Japan)
- Teledyne Technologies (U.S.)
- Texas Instruments (U.S.)
- Intel Corporation (U.S.)
- ISRA Vision (Germany)
- Sick AG (Germany)
- FLIR Systems (U.S.)
- Optotune AG (Switzerland)
- USS Vision (U.S.)
- ViDi Systems SA (Switzerland)
- Bosch Rexroth (U.S.)
- Euclid Labs (Italy)
- Allied Vision (Germany)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTEL Analysis
- Porter’s Five Forces Analysis
- Global Machine Vision Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD Bn)
- 1-D Vision System
- 2-D Vision System
- 3-D Vision System
- By System (USD Bn)
- PC based
- Smart Camera
- Others (Compact, etc.)
- By Industry (USD Bn)
- Semiconductor
- Healthcare
- Automotive
- Manufacturing
- Others (Retail, Banking, etc.)
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- By Type (USD Bn)
- North America Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD Bn)
- 1-D Vision System
- 2-D Vision System
- 3-D Vision System
- By System (USD Bn)
- PC based
- Smart Camera
- Others (Compact, etc.)
- By Industry (USD Bn)
- Semiconductor
- Healthcare
- Automotive
- Manufacturing
- Others (Retail, Banking, etc.)
- By Type (USD Bn)
- Global Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
FAQ:
How big is the Machine Vision Market?
The market is projected to grow from USD 8.39 billion in 2021 to USD 14.18 billion in 2028 at a CAGR of 7.8% during the 2021-2028 period.
How big is Machine Vision Market In North America?
The market in North America stood at USD 3.01 billion in 2020 and is expected to gain a huge portion of the market share in the coming years.
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